OtherOEN’s Entrepreneurs Foundation of the Northwest (EFNW) Helps Two Local Companies Donate more than $11,000 to the Community
Proceeds from the sale of equity donated years ago to OEN’s Foundation returns dollars to the community
Portland, OR – Kryptiq and Payless Drug LongTerm Care Pharmacy, two companies that are involved in OEN’s Entrepreneurs Foundation of the Northwest (EFNW), are giving $11,000 to community organizations – all thanks to their participation in OEN’s EFNW program.
With OEN’s EFNW program, young companies grant equity interests that will fund their future philanthropic giving when the company becomes successful. Several years ago, both Kryptiq and Payless, two emerging companies at the time, gave equity in their companies to OEN’s EFNW. When both companies were acquired in 2012, it allowed EFNW to sell those shares and generate dollars for the community.
Kryptiq, the Hillsboro-based medical records software developer, was acquired by Virginia-based Surescripts last August. Payless Drug LongTerm Care Pharmacy also had a successful merger last July.
With both companies’ early philanthropic aspirations having paid off, four local organizations are the lucky beneficiaries. Kryptiq has selected Saturday Academy as the recipient of its giving; Payless Drug LongTerm Care Pharmacy has chosen OHSU’s Doernbecher Children’s Hospital Foundation, Central City Concern and the National Alliance on Mental Illness of Oregon (NAMI-Oregon) to receive the proceeds generated by EFNW’s stock sale.
“The Kryptiq and Payless Long Term Care Pharmacy liquidity events are great examples of how our program enables young companies to create philanthropy, give back and share in their success,” said Anne van der Linden, Program Director of OEN’s EFNW. “Setting aside equity in the early years is easy and shows community commitment to the public, the company team, prospective employees and partners.”
Since the program began 12 years ago, EFNW company participants have returned over $10 million to the Oregon/SW Washington community in dollars raised, volunteer hours served, and goods and services delivered benefiting 100+ nonprofit organizations.
